NIFTY wave counts continued from last week..below are the updated counts
Total Wave C.3.4.A - 6825-7583 (758 points)
Wave C.3.4.B: 7583-7405 - 178 points (23.6% retracement of WaveA) i.e., 758 x (23.6%) = 178
Wave C.3.4.C.1: 7405 - 7585 (180 Points)
Wave C.3.4.C.2: 7585-7479 (106 Points) 58% retracement of Wave 1 = 180 x 0.58 = 106 approx. the usual/common correction of Wave 2 which is 61.8034%
Wave C.3.4.C.3: 7479- 7613 (Till Now 134 points)
Wave 3 above as per elliott wave theory cannot be the shortest amongst 1,3 and 5. So by that rule it is either bigger than 1 which was 180 points i.e., another 46 points. so 7613 + 46 = 7659 or it could be shorter than Wave 1.
If the latter happens where Wave 3 becomes shorter than wave 1 then wave 5 would be the shortest as per EW rules.
And Wave 4 would probably break the zone of Wave 1 which is 7583 zone and breach below that...making more perfect case for and Ending Diagnol and big reversal.
My analysis is the same...that upside is blocked 7695-7714-7730 zone...so Wave 5 would end up below this region.
BANKNIFTY wave counts i have updated on the chart
WAVE C.4.A - 13407-15451 (2044 Points)
WAVE C.4.B - 15451-14989 (462 Points) 22.6% retracement of Wave A approx. equal to 23.6% retraement
WaAVE C.4.C - 14989 - 15704 (till now 715 points) currently 34.9% retracment...38.2 would mean 780 points which is another 65 points from 15704 i.e., 15769.
Total Wave C.3.4.A - 6825-7583 (758 points)
Wave C.3.4.B: 7583-7405 - 178 points (23.6% retracement of WaveA) i.e., 758 x (23.6%) = 178
Wave C.3.4.C.1: 7405 - 7585 (180 Points)
Wave C.3.4.C.2: 7585-7479 (106 Points) 58% retracement of Wave 1 = 180 x 0.58 = 106 approx. the usual/common correction of Wave 2 which is 61.8034%
Wave C.3.4.C.3: 7479- 7613 (Till Now 134 points)
Wave 3 above as per elliott wave theory cannot be the shortest amongst 1,3 and 5. So by that rule it is either bigger than 1 which was 180 points i.e., another 46 points. so 7613 + 46 = 7659 or it could be shorter than Wave 1.
If the latter happens where Wave 3 becomes shorter than wave 1 then wave 5 would be the shortest as per EW rules.
And Wave 4 would probably break the zone of Wave 1 which is 7583 zone and breach below that...making more perfect case for and Ending Diagnol and big reversal.
My analysis is the same...that upside is blocked 7695-7714-7730 zone...so Wave 5 would end up below this region.
BANKNIFTY wave counts i have updated on the chart
WAVE C.4.A - 13407-15451 (2044 Points)
WAVE C.4.B - 15451-14989 (462 Points) 22.6% retracement of Wave A approx. equal to 23.6% retraement
WaAVE C.4.C - 14989 - 15704 (till now 715 points) currently 34.9% retracment...38.2 would mean 780 points which is another 65 points from 15704 i.e., 15769.
Happy Trading !
Sir, BN crossed 15769😢
ReplyDeleteSir, BN crossed 15769😢
ReplyDeletebujji: adhering to stop loss is very important,i had target for banknifty from 13407 to 1500 points minimum...that happened in two days only....the time is a very important factor we all know when it comes to trading...so as of now would update with fresh view post getting some confirmation.
DeleteWhat to do abhishek ji. Har roj nifty upar hi bhagta hein kya kare sir march ne to vaat laga di sir ji niche aata hi nahi.
ReplyDeleteBrijesh: I understand,yes i agree ki March mein waat lagi hai on short side...but i think we had a good 1500 points earned in Banknifty from 13407 i don't know whether you were in that upride or not....would post levels soon.
DeleteIt is the very nature of market to test the patience through the deepest nerves. Market will sink from many of us would have stopped hoping.
ReplyDeleteI am with you Abhishek sir...🙌🙌🙌
neeraj: i understand and i am happy that you are with me...lets see what is in store for march expiry and april too...though i am still confident of a collapse
DeleteHi Abhishek, 7714 has already come so now 7730 spot is what we are looking right..Do you still are in the same view of 7200 ??
ReplyDeleteHi Abhishek, 7714 has already come so now 7730 spot is what we are looking right..Do you still are in the same view of 7200 ??
ReplyDeleteMadhavi: Have just posted today's OUTLOOK,please refer to it for further guidance.
ReplyDelete